One of the world's most iconic toy stores is shutting down today

Toys R Us has a Ferris wheel in its flagship location. Reuters Toys R Us is closing its iconic flagship store in New York City's Times Square on Wednesday.

The retailer is not renewing its lease on the 110,000-square-foot store, which features a giant indoor Ferris wheel, a life-size Barbie dollhouse, and a 20-foot Tyrannosaurus Rex dinosaur, Toys R Us spokeswoman Alyssa Peera told Business Insider.

"It is certainly bittersweet," Toys R Us CEO Dave Brandon told CNN Money, referring to the rush of shoppers in the store for the final Black Friday at the Times Square location.

The FAO Schwarz store, known for its giant toy piano, was a major tourist destination made famous by the 1988 movie "Big," starring Tom Hanks. Reuters The closure left the 153-year-old brand without a physical store, though FAO Schwarz-branded products are still sold at Toys R us.

The Toys R Us flagship in Times Square opened in 2001.

Reuters A company spokeswoman told Business Insider that Toys R Us is searching for another space for a flagship store in Manhattan.